Because there has been only one such sale in over a year, I've shown similarly low-end but not on those four streets sales (three red dots above, two gray listings below), including yesterday's not-tear-down 460 Lincoln for $1,900K.

If lot value on 9th-10th-12th-Euclid is now around $1.7M (above the non-MLS 370 22nd, but below 460 Lincoln), that would put it back to early-mid 2005, per my list since 2000 below. If you think lot value is down to $1.6M (I'm not convinced yet), that's actually mid-2004 - not far off S&P/Case-Shiller for LA being back to early 2004. So even in 90402 the price momentum is now down.

I think it's pretty clear the peak for lot value in 90402 was early 2007, and was well over 2.0MM, as you documented in a post in 2007:

"Remember the surge of low-end (as if $2-2.5M is "low end"!) listings north of Montana this spring? They sold pretty fast, as cited in North of Montana buying spree (June 5th). We finally have some sales reported (and shame on Zillow for being behind the County):

Well, that will be going back up since the four homes sold month-to-date average $1,181. That's right FOUR HOMES SOLD...no pricing problem here. It'll take a while to unload the 200+ for sale in PP at this rate.

Oh, BTW take out the one that sold for $2,937 per sq ft and you're down to $595 per sq ft.

I'm seeing the EXACT same thing in PP... NOTHING is selling (although a couple more went into escrow recently that had huge reductions (including the infamous green house... wondering what that'll close for)

Lots of PP houses back on the market having sold in the last threeish years and some reduced below their 2004 sales price. Probably a loan reset party.